From the time you fill out an application until the time you sign the final documents for your mortgage loan, there is a lot of documenting and verifying of your financial information.
We want your experience to be a smooth one and for you to get into your new home as quickly as possible. Here are eight do’s and don’ts to help keep things moving in the right direction.
- be as honest and as accurate as you can be with your application.
- be prompt in answering any questions or providing requested paperwork to your lender.
- know there is a lot more verification required for a mortgage loan and therefore a longer process than other types of loans you may have had (i.e. car loan or personal loan)
- continue to pay your rent and/or existing mortgage (on time).
- continue to pay your monthly bills (on time).
- avoid making any large deposits or cross-account transfers into your account(s).
- let your loan officer know about any monetary gifts you expect to receive to help with the purchase of your new home.
- call your lender if you have any questions
- try to hide information such as lawsuits, layoffs, child support, collections, etc.
- apply for credit of any sort. This includes in-store financing for new furniture or carpet, credit cards, and auto loans.
- borrow funds or take any advances for loan closing.
- deposit large amounts of money (except payroll) or transfer any funds in any asset accounts.
- switch jobs.
- switch financial institutions.
- pay any charge off or collection accounts without first consulting your lender.
- open any new accounts of any sort, including cell phone accounts.